Gilead Sciences Inc. announced Wednesday that it completed asecondary offering of 3 million shares of common stock(NASDAQ:GILD) at $14.50 a share, for total proceeds of $43.5million.
The company had hoped to raise between $44 and $50 million.Robertson, Stephens & Co. managed the offering and has anoverallotment option of 450,000 additional shares.
Gilead's initial public offering last January raised $86.5 million.
The company has two potential products in Phase I/II trials: GS504 for treating cytomegalovirus infection, which threatenssight in AIDS patients; and GS 393 to treat HIV infection thatcauses AIDS.
Gilead focuses on potential pharmaceuticals based onnucleotides, the building blocks of DNA and RNA, which can bemodified to inhibit production or activity of disease-causingproteins. Research programs address viral infections,cardiovascular disease, inflammatory disease and cancer.
Stock in the Foster City, Calif., company was up 88 cents a shareon Wednesday, closing at $15.75.
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